A report into retail banking services by the Competition and Markets Authority (CMA) has been welcomed by the Association of Convenience Stores (ACS).
ACS supports the CMA’s provisional recommendations to encourage competition among retail banks, improve transparency in finance offers, and make it easier for businesses to compare and switch financial providers.
The ACS response notes that the sector has invested more than £600m in stores over the past year and turnover has grown by over 5%, yet over two-thirds (68%) of retailer investments are funded through private reserves and only 7% from banks. The submission details how the smallest operators in the market and unaffiliated independents are least likely to access finance through retail banks.
The submission also highlights attention on regular banking issues experienced by retailers that do not relate to direct access to finance. These include issues such as access to customer services, fee levels and communications of terms and conditions.